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Business briefing, Friday, Nov. 9

From news services

Posted:
11/09/2012 12:01:00 AM CST

Updated:
11/09/2012 12:04:11 PM CST

U.S. Bancorp sues American Airlines

AMR Corp.'s American Airlines was sued by noteholder trustee U.S. Bancorp, alleging American is required to make a payment owed to investors under the airline's plan to borrow $1.5 billion and repay debt.

Minneapolis-based U.S. Bancorp, the trustee for $174.2 million of 13 percent secured notes due in 2016, wants a court order that American is required to pay a make-whole amount under the refinancing plan, according to documents filed Wednesday in U.S. Bankruptcy Court in Manhattan.

AMR, based in Fort Worth, Texas, said in October that it's seeking court permission to borrow $1.5 billion backed by aircraft and redeem existing debt to take advantage of lower interest rates.

-- Bloomberg News

BRIEFLY

Golden Valley-based Allianz Life Insurance Co. of North America announced that the rating agency Standard & Poor's recently affirmed the company's rating as AA with a negative outlook which continues to be in line with Allianz SE, the parent company's overall rating. ... U.S. Bank, Minneapolis, has surpassed its military hiring goal for 2012, in time to mark the Veterans Day holiday. U.S. Bank now employs more than 2,300 veterans nationwide and continues in its efforts to recruit veterans. ... American Crystal Sugar Co., Moorhead, Minn., announced that the final actual average gross beet payment for the 2011 crop was $58.

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67 per ton and that the board of directors has approved a unit retain of $3 per ton for the 2011 crop, resulting in a final actual average net beet payment per ton of $55.67.